Thu 10th Dec 2020 - Deltic files notice to appoint administrators as Scandinavia’s largest nightlife group takes lead in race Deltic files notice to appoint administrators as Scandinavia’s largest nightlife group takes lead in race: Rekom, Scandinavia’s largest nightlife group, has taken the lead in the battle to acquire The Deltic Group, the UK’s biggest nightclub operator. Earlier this month, Propel revealed private equity group Greybull Capital had secured preferred bidder status for the Peter Marks-led, 52-strong group. However, it also subsequently reported Rekom had returned with an improved bid for Deltic, and is now understood to be frontrunner to acquire the business. However, Propel understands Greybull, which has backed companies such as Monarch Airlines and British Steel, retains an interest in Deltic, and is thought to be waiting in the wings. It is thought if successful in its bid Rekom will look to back the existing management team and take on the majority of the group’s existing estate. Any deal is likely to be completed through a pre-pack administration, after Deltic filed a notice of intention to appoint administrators earlier this week. Rekom’s interest in Deltic, whose brands include Atik, Bar & Beyond, Eden and Vinyl, is part of its international growth strategy to become the largest nightlife group in Europe. The company currently operates circa 120 bars and nightclubs across Denmark, Norway and Finland. Propel revealed in October, Shoreditch Bar Group, which last year acquired the remainder of London bar and restaurant operator Novus’ late-night business, was working with Steve Thomas, the founder of Luminar, the at-one-time circa 300-strong chain, from which Deltic was born, on a possible bid. It is thought the process for Deltic, which was led by BDO, generated significant interest from trade buyers and private equity. Deltic has had the majority of its business closed since March due to the outbreak of coronavirus and subsequent government restrictions. Deltic was founded in 2011 after Marks and a group of investors bought the Luminar nightclub group after it went into liquidation. It is thought the group’s investors have taken a £22m hit from the impact of the crisis on the business. Deltic was worth £80m before the pandemic hit, according to Marks.